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Principles of Marketing, 15e (Kotler/Armstrong)
Chapter 10 Pricing: Understanding and Capturing Customer Value
Chapter 11 Pricing Strategies: Additional Considerations

1) ________ refers to the amount of money charged for a product or service.

A) Value
B) Cost
C) Price
D) Salary

2) ________ is the only element in the marketing mix that produces revenue.
A) Price
B) Product
C) Place
D) Fixed costs

3) Which of the following is true with regard to price?

A) Historically, price has had the least perceptible impact on buyer choice.
B) Price is the least flexible element in the marketing mix.
C) Unike product features and channel commitments, prices cannot be changed quickly.
D) Price is the sum of all the values that customers give up to gain the benefits of having a
product.

4) What sets the ceiling for product prices?

A) product manufacturing costs
B) sellers' perceptions of the product's value
C) customer perceptions of the product's value
D) variable costs

5) What sets the floor for product prices?

A) consumer perceptions of the product's value
B) product costs
C) competitors' strategies
D) advertising budgets

6) Effective ________ pricing involves understanding how much value consumers place on the
benefits they receive from the product and setting a price that captures that value.
A) customer-oriented
B) cost-based
C) time-based
D) competition-oriented

7) ________ pricing uses buyers' perceptions of value as the key to pricing.

A) Customer value-based
B) Cost-based

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C) Time-based
D) Markup

8) Which of the following is true of value-based pricing?

A) The targeted value and price drive decisions about what costs can be incurred and the
resulting product design.
B) Value-based pricing is mostly product driven.
C) A company using value-based pricing designs what it considers to be a good product, adds up
the costs of making the product, and sets a price that covers costs plus a target profit.
D) The marketer usually designs a product and marketing program and then sets the price.

9) Retailers such as Costco and Walmart charge a constant, daily low price with few or no
temporary price discounts. This is an example of ________.
A) competition-based pricing
B) everyday low pricing
C) cost-plus pricing
D) break-even pricing

10) ________ involves charging higher prices on an everyday basis but running frequent
promotions to lower prices temporarily on selected items.
A) High-low pricing
B) Everyday low pricing
C) Cost-plus pricing
D) Break-even pricing

11) Department stores such as Kohl's and Macy's practice high-low pricing by ________.
A) charging a constant, everyday low price
B) providing few or no temporary price discounts
C) increasing prices temporarily on select products
D) having frequent sale days for store credit-card holders

12) ________ involves setting prices based on the costs for producing, distributing, and selling
the product plus a fair rate of return for effort and risk.
A) Value-based pricing
B) Competition-based pricing
C) Cost-based pricing
D) Break-even pricing

13) Companies with lower costs ________.

A) specialize in selling products with value-added features
B) usually market products with inferior quality, thereby justifying the low selling price
C) can set lower prices that result in smaller margins but greater sales and profits
D) usually set higher prices that result in higher margins

14) A company must pay each month's bills for rent, heat, interest, and executive salaries
regardless of the company's level of output. This exemplifies its ________ costs.
A) overhead

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B) variable
C) target
D) total

15) Overhead costs ________ as the number of units produced increases.

A) decrease
B) increase steadily
C) increase rapidly
D) remain the same

16) Which of the following is most likely a fixed cost?

A) facility rental payments
B) product distribution costs
C) manufacturing input costs
D) temporary worker salaries

17) Fixed costs ________.

A) are costs that do not vary with production or sales level
B) vary directly with the level of production
C) decrease with accumulated production experience
D) represent the annual costs of inputs incurred by a company

18) Costs that change with the level of production are referred to as ________.
A) fixed costs
B) variable costs
C) target costs
D) overhead costs

19) As production moves up, the average cost per unit decreases because ________.
A) variable costs decrease
B) of increasing diseconomies of scale
C) fixed costs are spread over more units
D) overhead costs decrease

20) The simplest pricing method is ________ pricing.

A) value-based
B) fixed cost
C) markup pricing
D) competition-based

21) Why is markup pricing most likely impractical?

A) Calculating costs is complicated due to fluctuations.
B) By tying the price to cost, sellers oversimplify pricing.
C) With a standard markup, consumers know when they are being overcharged
D) The method ignores demand and competitor prices.

22) Why is markup pricing most likely popular?

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A) Sellers are more certain about demand than about costs.
B) Markup pricing tends to maximize market competition.
C) Markup pricing affords buyers greater bargaining power.
D) Sellers do not need to make frequent adjustments as demand changes.
23) Which of the following is a cost-based approach to pricing?
A) value-based pricing
B) high-low pricing
C) target return pricing
D) good value pricing

24) Target return pricing is a variation of which of the following cost-oriented pricing
approaches?
A) cost-plus pricing
B) break-even pricing
C) markup pricing
D) value-based pricing

25) Target return pricing uses the concept of a(n) ________, which shows the total cost and total
revenue expected at different sales volume levels.
A) BCG matrix
B) break-even chart
C) SWOT analysis
D) demand curve

26) John assured his venture capitalists an earning of 25 percent return on equity when he began
his IT start-up. In order to achieve this result, he will most likely use which of the following
pricing approaches?
A) value-based pricing
B) markup pricing
C) target return pricing
D) customer-based pricing

27) The break-even volume is the point at which ________.

A) the total revenue and total cost curves intersect
B) demand equals supply
C) the production of one more unit will not lead to increase in demand
D) the company can pay off all its long-term debt

28) Which of the following is an external factor that affects pricing decisions in a company?
A) the company's overall marketing strategy
B) the nature of the market
C) the organizational objectives of the company
D) elements of the company's marketing mix

29) Which of the following is an internal factor that affects pricing decisions in a company?
A) the nature of the market
B) consumers' perception of value

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C) the overall marketing strategy of the company
D) the forces of demand and supply in the market

30) Which of the following shows the number of units the market will buy in a given time
period, at different prices that might be charged?
A) demand curve
B) supply curve
C) learning curve
D) break-even pricing

31) Buyers are less price sensitive when ________.

A) the market is less competitive
B) the product they are buying is low in prestige
C) substitute products are easy to find
D) the product they are buying is unique

32) When companies set prices, the government and social concerns are ________ affecting
pricing decisions.
A) external factors
B) internal factors
C) economic factors
D) cultural factors

33) Companies facing the challenge of setting prices for the first time can choose between two
broad strategies: market-penetration pricing and ________.
A) comparative pricing
B) competitive pricing
C) market-skimming pricing
D) market-segmentation pricing

34) A market-skimming pricing strategy should NOT be used for a new product when ________.
A) the product's quality and image support its higher price
B) enough buyers want the products at that price
C) competitors are unable to enter the market
D) competitors can undercut prices easily

35) When a company sets a high price for a new product with the intention of reducing the price
in the future, it is using the ________ pricing strategy.
A) market-skimming
B) cost-plus
C) market-segmentation
D) market-penetration

36) Companies which set a low price for a new product in order to attract a large number of
buyers and a large market share are using the ________ strategy.
A) market-skimming pricing

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B) market-penetration pricing
C) exclusive pricing
D) inclusive pricing

37) A market-penetration pricing policy should LEAST likely be used for a new product when
________.
A) the market is highly price sensitive
B) there are few or no competitors in the market
C) the product's quality and image support a high price
D) a high price helps keep out the competition

38) Which of the following is true of market-penetration pricing?

A) It should be used when the product's quality and image support a high price.
B) It involves setting a high price for a new product to appeal to the elite in society.
C) It results in drawing in large numbers of buyers quickly, winning a large market share.
D) It is best used in conjunction with a market-skimming pricing strategy.

39) Which of the following product mix pricing strategies involves setting prices across an entire
product range based on cost differences between the products, customer evaluations of different
features, and competitors' prices?
A) product line pricing
B) product bundle pricing
C) optional product pricing
D) captive product pricing

40) Which of the following product mix pricing strategies involves pricing additional/accessory
products sold along with the main product?
A) inclusive product pricing
B) exclusive product pricing
C) optional product pricing
D) product bundle pricing

41) Which of the following is true of optional product pricing?

A) It involves capitalizing on low value by-products.
B) It involves pricing accessory products sold with the main product
C) It is used to price a company's main product.
D) It involves setting geographically-specific prices.

42) Which of the following product mix pricing strategies involves pricing products that must or
can only be used with the main product?
A) optional product pricing
B) product bundle pricing
C) captive product pricing
D) product line pricing

43) Which of the following product mix pricing strategies involves pricing multiple products to
be sold together?

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A) product line pricing
B) product bundle pricing
C) optional product pricing
D) by-product pricing

44) Which of the following is a price adjustment strategy?

A) product bundle pricing
B) discount and allowance pricing
C) product line pricing
D) optional product pricing

45) Which of the following price adjustment strategies involves reducing prices to reward
customer responses such as volume purchases, paying early, or promoting the product promptly?
A) product bundle pricing
B) captive product pricing
C) product line pricing
D) discount and allowance pricing

46) A(n) ________ is a straight reduction in price on purchases during a stated period of time or
of larger quantities.
A) allowance
B) free sample
C) discount
D) tax credit

47) A quantity discount is a price reduction for buyers who ________.

A) buy merchandise out of season
B) buy merchandise in bulk
C) pay their bills on time
D) buy discontinued products

48) A seller offers a ________ to trade-channel members who perform certain functions, such as
selling, storing, and record keeping.
A) functional discount
B) storage allowance
C) cash discount
D) promotional allowance

49) The discount offered by Glamor Gifts to customers who bought Valentine-themed
merchandise the week following Valentines Day is an example of a ________.
A) functional discount
B) seasonal discount
C) trade discount
D) cash discount

50) A(n) ________ refers to promotional money paid by manufacturers to retailers in return for
an agreement to feature the manufacturer's products in some way.

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A) allowance
B) sample
C) discount
D) tax credit

51) ________ allowances are price reductions given for turning in an old item when buying a
new one.
A) Promotional
B) Trade-in
C) Depreciation
D) Segmented

52) ________ allowances are payments or price reductions that reward dealers for participating
in advertising and sales support programs.
A) Promotional
B) Trade-in
C) Segmented
D) Functional

53) In return for participating in Honda advertising and sales support programs, Honda
dealerships are rewarded with payments or price reductions, which are known as ________.
A) seasonal discounts
B) functional allowances
C) cash discounts
D) promotional allowances

54) By definition, ________ is used when a firm sells a product or service at two or more prices,
even though the difference in price is not based on differences in cost.
A) segmented pricing
B) variable pricing
C) flexible pricing
D) cost-plus pricing

55) Under ________, different versions of the product are priced differently but not according to
differences in their costs.
A) product-form pricing
B) optional product pricing
C) captive product pricing
D) seasonal pricing

56) When theaters vary their seat prices because of audience preferences for seats in coveted
rows, they use ________.
A) customer-segment pricing
B) location-based pricing
C) time-based pricing
D) product line pricing

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57) When a firm varies its price by the season, it is using ________.
A) product-form pricing
B) customer-segment pricing
C) location-based pricing
D) time-based pricing

58) Which of the following is a price adjustment strategy that considers how a customer's
perception of a product is influenced by its price?
A) captive product pricing
B) psychological pricing
C) by-product pricing
D) promotional pricing

59) La Belle released a a cut glass bottle of perfume at $299 per item, even though its major
competitor prices its signature scent at $99 per item. La Belle reasons that customers in search of
luxury goods will prefer its product because they are likelier to believe that high price indicates
superior quality. What price adjustment strategy is evident in its reasoning?
A) seasonal pricing
B) time-based pricing
C) captive product pricing
D) psychological pricing

60) Hearth & Home, a store which sells household products, has announced a one-week sale on
its new carpet line. This is an example of ________.
A) promotional pricing
B) seasonal pricing
C) by-product pricing
D) product bundle pricing

61) Which of the following involves adjusting prices to account for the physical location of
customers?
A) location-based pricing
B) geographic pricing
C) domestic pricing
D) captive pricing

62) Which of the following factors would most likely lead to a company initiating a price cut?
A) overdemand
B) weakened economy
C) poor competition
D) cost inflation

63) Which of the following would most likely lead to a company initiating a price increase?
A) weakened economy
B) possession of outdated merchandise
C) excess capacity
D) overdemand

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64) Which of the following is true of price changes?
A) Overdemand leads to companies initiating price cuts.
B) Changes in price do not affect a brand's image.
C) Customer reaction to price changes is not as important as competitor reaction.
D) A drop in price can adversely affect how consumers view the brand.

65) When a competitor cuts its price, a company should ________ if it believes it will not lose
much market share or would lose too much profit by cutting its own prices.
A) reduce its production costs
B) reduce its marketing costs
C) maintain its current prices and profit margin
D) increase its marketing budget to raise the perceived value of the product

Comprehensive questions:
1) Distinguish between value-based pricing and cost-based pricing.

2) Differentiate between market skimming and market penetration pricing strategies. Explain
the conditions within which they are effective.

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